DeKok Insurance Group, Inc.

507-226-8121 [email protected]

Are Your Insurance Rates on the Rise?

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Don’t you hate it when your insurance rates go up?  I do too!  Being an independent insurance agent helps, in that I can shop several companies for a better rate, and most of the time find one, but not always due to several factors.

More about that in another blog.

Getting back to rate increases. It makes sense to see your rates increase some, after all, some of the things that make your rates what they are, are increasing in cost (car repairs,  medical costs, lumber, materials, labor, etc.). However, what doesn’t make a lot of sense is when you haven’t had any losses, and your rates go up 40% or more.

All insurance companies try to anticipate what their losses will be each year, in 5 years, etc. in order to set their rates. The goal is to collect enough premium dollars to pay for the losses, pay their expenses, set aside money in reserves to take care of unexpected losses, and make a profit. Insurance companies are a business and should make a profit in order to stay in business and motivate growth.

There are some other things that come into play when looking at several different insurance companies rates. One company may be doing business in the whole country, and some are only doing business in one or more States. This can have an impact on that company’s specific rates since some States are more prone to different types of hazards (Wind storms, tornados, hurricanes, fires). For instance, the Mid West has had a higher than the normal amount of wind storms in the last five years, causing rates to increase on most homeowner’s insurance policies (roof damage, etc.).  Another factor is underwriting (an insurance company’s rules to accept business). Each company accepts new clients based on rules they feel will keep them profitable. Some of these are based on the client, and some are based on the property to be insured.

Some companies have been surprised by the amount of losses they find themselves paying due to an unexpected number of storms, and other losses. When this happens, they will try to tighten up their underwriting rules, and raise their rates to get back to their comfort zone.

I don’t necessarily hate a rate increase when it is  needed, but what I do dislike an awful lot is when a company panics, and jacks their rates up 40% or more or takes other drastic immediate moves that are detrimental to their clients.

If your insurance company has raised your rates in a panic kind of way, or if you would just like to see what I can do for you, please feel free to call (507-226-8121) or email me at [email protected] for a comparison.

Jon

[email protected]

507-226-8121

Graphic purchased from fotolia.com © zinch – Fotolia.com

 

When They Steal Your Identity

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Many insurance company’s have an Identity Fraud Expense Coverage. This is usually an endorsement added to your Homeowner’s or Renter’s insurance policy. This coverage is designed to help you get your identity back and cover the cost to restore your good name and credit.

For example – Travelers insurance has an endorsement which costs $25 per year. It will pay up to $25,000 per loss. They will reimburse these expenses in your resolution efforts.

  • Lost wages as a result of time taken off from work to deal with the identity theft – up to $1,000 per week for a maximum of five weeks.
  • Notary and certified mailing charges for completing and delivering fraud affidavits.
  • Fees to reapply for loans that were denied due to erroneous credit information caused by   the identity theft.
  • Long distance telephone charges for calling merchants, law enforcement agencies or credit grantors to discuss an actual identity fraud.
  • Daycare and eldercare expenses.
  • Attorney fees incurred, with Traveler’s consent, for:

– Defending suits brought incorrectly by merchants and their collection agencies

– Removing criminal or civic judgments wrongly entered against the victim

– Challenging the information in a credit report

If you have any questions concerning identity theft, or would like to discuss other insurance needs, feel free to call 507-226-8121 or email me at [email protected]

 

Jon

Graphic purchased at fotolia.com  © alexmillos – Fotolia.com

Renting a Car? How Are You Insured?

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Confident businessman undersign a car contract outdoors

Have you or your family flown somewhere for vacation, like Florida, California, or Hawaii? You are picking up your rental car, and the rental agency’s service person is asking you to purchase insurance for the rental car. Do you really need to purchase their extra insurance?

The State  of Minnesota has addressed this issue.  In short, if you have a personal vehicle insured in Minnesota, and you rent a vehicle, your current personal auto insurance policy will cover it anywhere in the United States. Even if you have only one vehicle insured and it is covered for liability only. The rented vehicle will be fully covered since coverage for damage to the vehicle extends from your personal auto’s Property damage liability coverage.

Here is the statement the State of Minnesota requites rental car companies to attach to their rental contracts  (65B.49, 2011 Minnesota Statutes).

“Under Minnesota law, a personal automobile insurance policy must: (1) cover the rental of this motor vehicle against damage to the vehicle and against loss of use of the vehicle; and (2) extend the policy’s basic economic loss benefits, residual liability insurance, and uninsured and underinsured motorist coverages to the operation or use of a rented motor vehicle. Therefore, purchase of any collision damage waiver or similar insurance effected in this rental contract is not necessary. In addition, purchase of any additional liability insurance is not necessary if your policy was issued in Minnesota unless you wish to have coverage for liability that exceeds the amount specified in your personal automobile insurance policy.”

If you have any questions concerning insurance coverage for a vehicle you are renting, please feel free to call 507-226-8121 or email me at [email protected].

Jon

Graphic purchased at fotolia.com   © WavebreakMediaMicro – Fotolia.com

Personal Property Coverage

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Homeowners policies include coverage for personal property like clothes, furniture, yard maintenance equipment, etc.  Typically this personal property is covered on a named perils basis (fire, theft, est.) and a replacement cost basis (replaced with new).

That sounds good so far, right?  However, most policies also limit coverage on specific types of personal property such as – jewelry, fine arts, silverware, furs, guns, etc. For instance, you may have $10,000 worth of jewelry, and your basic homeowners policy limits it to $3,000.  If you had a loss, you might be a little unhappy.

Most companies offer a “Personal Articles Floater” endorsement that allows you to schedule the specific higher valued items. This endorsement normally gives “all risk” type coverage with no deductible. The cost is usually between 30 cents to 90 cents per $100 of coverage per year.

If you have one or more of these higher valued items, check your policy to see what the current limits are or feel free to call or email me. I will be happy to discuss this or any insurance needs you have.  507-226-8121

Jon

[email protected]

[tweetthis]Personal Property Coverage – Are you covered? #Homeowers #Insurance #RochesterMN[/tweetthis]

What Can I Do For You as an Independent Agent?

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I became an insurance agent in 1981 as a captive agent. I agreed to provide insurance for my customers through one insurance company.  I was successful,  however, there were a lot of times my customers needed some type of coverage which was not available, or the rate was too high.  Also, if the company had a large rate increase, I had no alternative to offer.

I am now an independent agent and owner of DeKok Insurance Group, Inc..  We represent over 12 great insurance companies.  All have some of the highest ratings available. Which means, they are financially strong and treat their policyholders well.

As an independent agent, I am able to take your information and shop my companies for the best rates and coverage’s.  

As a customer of DeKok Insurance Group, Inc. you not only have a personal agent who is here for you, but you also have some of the best protection and lowest rates available anywhere at one place.

Some of the policies we write are – Auto Insurance, Homeowners Insurance, Mobil Home Insurance, Rental Dwellings, Boats, ATVs, Motorcycle insurance, Motorhome insurance, Business Auto Insurance and Business Owners policies of all kinds, including Workers Compensation.

Feel free to call, or email us for a quote request! Have a question about insurance in MN? 507-226-8121.

Jon

Better prices. Better coverage.

[email protected]

[tweetthis]Why an independent agent? #Insurance #RochesterMN[/tweetthis]

Serving MN clients for almost 30 years, I specialize in home, auto, umbrella, business, and life insurance.